Oil Stock News - Crude Oil Futures

Crude oil prices remain under pressure from oversupply

Crude oil futures were pressured on Tuesday by oversupply and worries the dollar will strengthen when the U.S. Federal Reserve eventually raises interest rates.

Benchmark U.S. crude futures CLc1 were trading at $46.17 per barrel at 0628 GMT (1.28 a.m. ET), up just 3 cents from their last settlement after falling in the previous session due to a rise in stockpiles.

Internationally traded Brent LCOc1 dropped 8 cents to $48.71, down 8 cents from its last close, under pressure from Russian production hitting a post-Soviet peak while China's demand outlook weakened.

"Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand. Russian oil output broke a post-Soviet record in October for the fourth time this year. News from Iran is also painting a negative picture," ANZ bank said in a morning note.

Meanwhile, Gulf oil producers are delaying some field maintenance until next year to keep production high and reduce costs as they forecast ongoing low oil prices in 2016.

An expected dip in U.S. oil production as a result of low prices is unlikely to be enough to significantly reduce a glut, which is seen remaining at over 1 million barrel per day on average for 2015.

U.S. crude oil stockpiles likely rose by 2.7 million barrels last week, growing for a sixth consecutive week as supply outstrips demand, a Reuters poll showed. Industry group the American Petroleum Institute (API) will issue its preliminary inventory data on Tuesday before official numbers on Wednesday from the U.S. government.